Does IFRS Mandatory Adoption Affect Information Asymmetry in the Stock Market?

Sánchez Ballesta, Juan Pedro; Abad, David; Cutillas Gomariz, M. Fuensanta; Yagüe, José

Publication:
Does IFRS Mandatory Adoption Affect Information Asymmetry in the Stock Market?

dc.contributor.author	Sánchez Ballesta, Juan Pedro
dc.contributor.author	Abad, David
dc.contributor.author	Cutillas Gomariz, M. Fuensanta
dc.contributor.author	Yagüe, José
dc.contributor.department	Organización de Empresas y Finanzas
dc.contributor.other	Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas	es
dc.date.accessioned	2023-12-20T09:48:12Z
dc.date.available	2023-12-20T09:48:12Z
dc.date.issued	2018
dc.description	©2018. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/ This document is the Accepted version of a Published Work that appeared in final form in Australian Accounting Review. To access the final edited and published work see https://doi.org/10.1111/auar.12165	es
dc.description.abstract	The purpose of International Financial Reporting Standards (IFRS), adopted mandatorily by European listed firms in 2005, is to increase the transparency and the comparability of accounting information, which should have led to improvements in these firms’ information environments. This study uses market microstructure proxies for information asymmetry to examine the effects of IFRS adoption on the level of information asymmetry in the Spanish stock market. Therefore, we consider a setting with substantial differences between local standards – Spanish Accounting Standards (SAS) – and IFRS and where the level of enforcement is low. By controlling for conventional determinants of information asymmetry and firms’ characteristics that influence their information environments, we find a reduction of information asymmetry after IFRS adoption. Our findings suggest that the mandatory switch from local accounting standards to IFRS conveys benefits to the market, even when the enforcement level is not strong.	es
dc.format	application/pdf	es
dc.format.extent	18	es
dc.identifier.citation	Australian Accounting Review No. 84 Vol. 28
dc.identifier.doi	https://doi.org/10.1111/auar.12165
dc.identifier.issn	1035-6908
dc.identifier.issn	1835-2561
dc.identifier.uri	http://hdl.handle.net/10201/136771
dc.language	eng	es
dc.relation	Sin financiación externa a la Universidad	es
dc.rights	info:eu-repo/semantics/openAccess	es
dc.rights	Attribution-NonCommercial-NoDerivatives 4.0 Internacional	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/4.0/	*
dc.title	Does IFRS Mandatory Adoption Affect Information Asymmetry in the Stock Market?	es
dc.type	info:eu-repo/semantics/article	es
dspace.entity.type	Publication	es
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